If changing the notification settings in the Java Control Panel did not help, than it is probably not possible. Check the Update tab of the Java Control Panel. Uncheck "Check for Updates Automatically"
Your best course of action may be to uninstall Java completely if you are not using it. Java is the most widely exploited plugin on a computer and running an out of date version that is plugged in to the browser is very risky. The reason there are so many updates is because it is very problematic and unsafe software to use in a browser.
You can customize the notifications in Windows 7 by clicking the arrow in the Notification Center/System Tray and selecting Customize. You can scroll to the Java icon and change the behavior to "Hide icon & Notifications"